The World Bank has announced that both Russia and War-torn -Ukraine are not part of the world’s 10 highest food inflation-hit countries in the world.
Ghana, however, is part, alongside Zimbabwe, Lebanon, Sri Lanka and Rwanda.
What does this mean and what is being done to avert global food crises?
In this explainer, Fact-Check Ghana looks at the various countries hit with high food inflation prices and the steps being taken to remedy the situation.
According to the World Bank, the food inflation for each country is based on the latest months from May to August 2022 for which the food component of the Consumer Price Index (CPI) and overall CPI data are available. Real food inflation is defined as food inflation minus overall inflation.
The report said, with an estimated 38.3 million people experiencing food insecurity from June to August 2022, West Africa faces its third consecutive year of food crisis because of an unprecedented convergence of overlapping shocks and stressors (RPCA 2022).
Among the factors mentioned for the situation is the war between Russia and Ukraine.
Here is a tabular representation of the 10 countries with the highest food price inflation in the world as of August 2022.
|Country||Nominal food inflation (%YoY)||Country||Real Food Inflation (%YoY)
Source: World Bank.
The table below, however, is the month-on-month food price inflation in Ghana from September 2021.
|Sept 21||Oct 21||Nov 21||Dec 21||Jan 22||Feb 22||Mar 22||April 22||May 22||Jun 22||July 22||Aug 22|
This is in sync with the Ghana Statistical Service’s announcement that food inflation in Ghana has been high, recording year-on-year inflation of 34.4% in August 2022.
World Bank Group support to Ghana and other countries.
The World Bank has noted that as of September 29, 2022, 20 countries, including Ghana, have implemented 29 food export bans, and six have implemented 12 export-limiting measures.
Ghana, for instance, banned the export of maize, rice and soya bean until the end of October 2022.
As part of a comprehensive, global response to the ongoing food security crisis, the World Bank Group is making up to $30 billion available over a period of 15 months in areas such as agriculture, nutrition, social protection, water and irrigation. The group says this financing will include efforts to encourage food and fertilizer production, enhance food systems, facilitate greater trade, and support vulnerable households and producers.
As part of this facility, Ghana, Chad and Sierra Leone are expected to get $315 million in loans to increase their preparedness against food insecurity and to improve the resilience of their food systems.
Less than a week after the release of this report, the World Bank released Africa’s Pulse report, ranking Ghana as the 1st with the highest food prices in Sub-Saharan Africa in 2022.
According to the bank’s October 2022 Africa Pulse Report, food prices have since January 1, 2022, gone up by 22%.
Ranking of Sub-Saharan African countries with highest price increases in 2022
|COUNTRY||FOOD PRICE INCREASE (%)||RANKING|
Source: Africa’s Pulse Report.